Escorts 12 month profit soars to 167.6 crore
Escorts Limited reported a 141% growth in profit to Rs. 167.6 crore for the 12-month ended 30th Sept. 2013 as against Rs. 69.6 crore in the fiscal 2011-12. Profits for the fourth quarter stood at Rs. 43.6 crore as against Rs. 18.9 crore in the corresponding period in the last fiscal, an increase of 131%. Escorts Limited has extended its financial year by 6 months i.e. up to 31st March 2014 as approved by the Board of Directors in their meeting held on 2nd October 2013 The company is extending its financial year to align with the April-March fiscal calendar. Accordingly, financial year 2012-13 will close on March 31, 2014.
The company recorded a 6.6% increase in sales from Rs. 3,894 crore in the previous fiscal to Rs. 4,149 crore in 12 months ended 30th Sept. 2013. Sales revenue was driven by a 9.2% increase in tractor volumes, which stood at 66,230 units in 12 months as against 60,673 units in the previous fiscal. In the fourth quarter, tractor volumes were up at 14,842 as opposed to 12,950 units in the previous fiscal.